Orbit International Corp. Obtains Waiver and Amendment from Its Primary Lender

Orbit International Corp. ORBT today announced that its primary lender has waived the Company's non-compliance with one financial covenant of its credit agreement for the fourth quarter ended December 31, 2010. The lender also amended the credit agreement regarding the same financial covenant through the first three quarters in 2011. As reported on March 10, 2011, the Company had not been in compliance with the aforementioned financial covenant due to the 2010 fourth quarter loss and liability associated with a non-recurring expense incurred in connection with the non-renewal of the employment contract of its former President and CEO. The lender, in consideration of such waiver and amendment, added a new liquidity covenant and assessed a waiver fee of $10,000 plus legal fees. The interest rate on the Company's line of credit and term debt remained unchanged.